🔥Big Tech encroaches on stablecoins: The game enters a fierce stage

In the face of strong regulatory adjustments in the US, tech giants like Apple, Google, X, and Airbnb are quietly preparing to enter the first practical stablecoin application game of the crypto industry.

Google has tested stablecoin payments, Airbnb is negotiating with Worldpay to reduce credit card costs, while X under Elon Musk aims to turn the X Money app into a 24/7 money transfer platform. Each name has a strategy, but all are aimed at a common goal: cheaper, faster, and smarter cross-border payments.

Since the beginning of 2024, the market capitalization of stablecoins has surged by 90%, reaching nearly $250 billion, a sign that the market is no longer a playground for speculators but is becoming the infrastructure for future payments. At the same time, financial giants like Mastercard, Visa, and Stripe are also scrambling to acquire and partner with crypto companies to avoid being left behind.

However, the path to legalizing stablecoins is not easy. The GENIUS Act, a bill expected to establish a legal framework for stablecoins in the US, is facing intense controversy. The Republican Party is concerned that Big Tech's stablecoins will threaten the status of the USD, while the Democratic Party wants to block the ambitions of tech corporations to issue their own digital currencies.

If passed, the GENIUS Act could reshape the entire digital payment ecosystem in the US where stablecoins are not just speculative assets but strategic tools in the hands of both Wall Street and Silicon Valley.